Housing affordability is becoming a major issue in California, as home prices rise beyond the reach of majority of home buyers. A recent analysis of home prices and income found only seven California counties are affordable to home buyers who earn the areas’ median household income, while homes in 25 counties were out of reach for the typical household.
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Author: Sandy Kay
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California home prices way beyond what buyers can truly afford
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Can you afford to own a home?
I’m not talking about mortgage payment here or PITI/ principal, interest taxes and insurance.
I am talking about the other benefits of home ownership and why owning a home changes your pocket book for the better. The Bureau of Statistics had some good points. Read more here…
What they don’t talk about is that home ownership keeps you home because its where you want to me. Your gas costs, you entertain at home because you are proud of it so restaurant bills go down and the insecurity of having to move from a rental you want to be settled in disappears. Security is what keeps us young and happy.
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Why buy a retirement home when you’re working?
Deciding to buy a retirement home while you are still working is a decision that is based on a long term projection of your future income and plans. Here are some of the reasons to buy your final retirement home now.
1. You will more easily be able to qualify for the loan while you have a steady income
2. You can enjoy the home as a vacation home
3. You can vacation rent the home and get a tax deduction and income while you are not using it. Financing the home as a second home and not an investment property has potential financing and tax advantages
4. Interest rates are at an all time low
5. Good development locations are being purchased as our population grows so there are more opportunities now before the baby boomers retire
6. Building costs: materials, labor and permits are increasing not decreasing
7. You are tired of the stock market
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